Hero Honda Motors Ltd on Wednesday said it would pump in Rs 200 crore (Rs 2 billion) this fiscal for capacity expansion and new model launches, including its much-awaited scooter models.
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"We will be making investments to the tune of Rs 200 crore this fiscal, including those for the scooters we propose to launch using Honda's technology," HHML managing director Pawan Kant Munjal told reporters in New Delhi.
HHML today renewed its technical collaboration agreement with Japan's Honda Motor Company for 10 years.
The company, which currently has two plants in Haryana with an annual capacity of over 2 million motorcycles, is looking at setting up a third plant this year.
"We were waiting for the elections to get over and now that a new government is in place, we will begin the process of finalising a site for our factory soon," Munjal said.
The company had shortlisted four states -- Karnataka, Tamil Nadu, Maharashtra and Rajasthan -- for the new plant.
"In the next couple of months, we would be finalising the state where we would set up the plant," he said, adding the company would go in for a greenfield project "in all probability."
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